First Oral HAE Treatment Acquired for $2.7 Billion by U.S. Bio

KalVista Pharmaceuticals, Inc. (KALV) is set to be acquired by Italy’s Chiesi Group. Chiesi will purchase all outstanding KalVista shares for $27 per share in cash, valuing the deal at approximately $1.9 billion (around KRW 2.7 trillion). This price represents roughly a 36% premium to the 30-day volume-weighted average share price as of April 28. Unanimously approved by both companies’ boards, the transaction will be executed through a two-step process—a tender offer followed by a merger—and is expected to close in the third quarter of 2026, subject to a majority tender, regulatory approvals and other customary conditions, with no financing contingency.

Upon closing, KalVista will become a wholly owned subsidiary of Chiesi. Rights to EKTERLY (sebetralstat), KalVista’s hereditary angioedema therapy, will transfer to Chiesi, where they will be integrated into Chiesi’s rare disease portfolio, long-term 2030 revenue strategy and expanded U.S. commercial organization.

KalVista received U.S. Food and Drug Administration approval for EKTERLY in July 2025. More recently, the company reported positive interim results from its KONFIDENT-KID Phase 3 trial in children aged 2 to 11, demonstrating the efficacy and safety of early, oral on-demand treatment and supporting plans for label expansion.

To date, KalVista has secured regulatory approvals for EKTERLY in seven key markets—including the U.S., European Union, United Kingdom and Japan—and has licensed Latin American commercial rights to partners, broadening its global rollout.

KalVista is a U.S.-based biopharmaceutical company focused on developing and commercializing oral kallikrein inhibitors for hereditary angioedema and other rare diseases. EKTERLY is the first oral on-demand treatment approved for hereditary angioedema.

Headquartered in Italy, the Chiesi Group is a global pharmaceutical company with a strong focus on respiratory and rare diseases. This acquisition advances Chiesi’s strategy to strengthen its rare disease pipeline and enhance its presence in the U.S. market.